The University

(1) There shall be constituted in and for the State of Telangana a University by the name of Kaloji Narayana Rao University of Health Sciences which shall consist of a Chancellor, a Vice-Chancellor, a Rector, if any, an Executive Council and an Academic Senate. (2) The Headquarters of the University shall be at such place in the State as may be notified by the Government and it may establish campuses at such other places within the State as it may deem fit. (3) The University shall be a teaching and affiliating University. (4) The University shall be a body corporate, having perpetual succession and a common seal and shall sue, and be sued by the said corporate name. (5) In all suits and other legal proceedings by or against the University, the pleadings shall be signed and verified by the Registrar and all processes in such suits and proceedings shall be issued to and served on the Registrar. (3) The Finance Officer shall- (a) exercise general supervision over the funds of the University and shall maintain the accounts of the University and shall advise it as regards its financial policy; and (b) perform such other financial functions as may be assigned to him by the Executive Council or as may be prescribed by these Statutes or the Ordinances: Provided that the Finance Officer shall not incur any expenditure or make any expenditure or make any investment exceeding Rs. 25,000 without the previous approval of the Executive Council. (4) Subject to the control of the Executive Council, the Finance Officer shall- (a) hold and manage the property and investments of the University including trust and endowed property; (b) ensure that the limits fixed by the Executive Council for recurring and non-recurring expenditure for a year are not exceeded and that all moneys are expended on the purposes for which they are granted or allotted; (c) be responsible for the preparation of annual accounts and the budget of the University and their presentation to the Executive Council; (d) keep a constant watch on the state of the cash and bank balance and on the state of investments; (e) watch the progress of the collection of revenue and advise on the methods of collection employed; (f) ensure that the registers of buildings, land, furniture and equipment are maintained up-to-date and that stock checking of equipment and other consumable materials in all offices, special centres, specialised laboratories, colleges, and institutions maintained by the University is conducted; (g) call for explanation for unauthorised expenditure and for other financial irregularities and suggest disciplinary action against persons at fault; and (h) call for from any office, centre, laboratory, college or institution affiliated to or maintained by the University, any information or returns that he may consider necessary for the performance of his duties. (5) The receipt of the Finance Officer or the person or persons duly authorised in this behalf by the Executive Council for any money payable to the University shall be sufficient discharge for payment of such money.